五年期大额存单集体下架，意味着什么？

Core Viewpoint - The trend of large-denomination certificates of deposit (CDs) disappearing from the market is evident, with major banks removing five-year CDs and some private banks discontinuing all terms of large CDs [1][2][4]. Group 1: Current Market Situation - Major state-owned banks and national joint-stock banks have removed five-year large CDs from their mobile banking and official websites [2]. - The remaining large CDs available are primarily short-term, with most banks offering only three-month, six-month, or one-year products [3]. - Some private banks still offer high-interest CDs above 2%, but these are limited in availability and sell out quickly [4]. Group 2: Reasons for Discontinuation - The primary reason for banks discontinuing long-term large CDs is to alleviate the increasing pressure on net interest margins [4]. - As loan rates decline to support the real economy, banks' asset yields have decreased, making high-cost liabilities from large CDs less favorable [4]. - Reducing long-term, high-cost liabilities helps banks optimize their liability structure and manage interest rate risks in a declining rate environment [4]. Group 3: Future Outlook - Large CDs will not completely disappear, but their market role and form are changing significantly, with a shift towards shorter-term offerings [5]. - The interest rate advantage of large CDs is expected to diminish, aligning more closely with regular fixed-term deposits [5]. - The long-term trend in the deposit market indicates a downward trajectory for interest rates, driven by monetary policy and banks' efforts to reduce funding costs [5][6].